Small Savings Account
Rajbank Small Savings Account( RBSS account)
A No-Frills Savings Account
Name of Account
"Rajbank Small Savings Account (RBSS account)"
Individuals - singly or jointly
Minimum initial Deposit
Account can be opened with zero balance and even can run with zero balance without any requirement of keeping minimum balance.
The account will be opened with relaxed KYCnorms as per guidelines of RBI, in terms of which the accounts can be opened on thebasis of
a) introduction from another account holderwhose account has been subjected to fullKYC norms and which is at least 6 monthsold and has run satisfactorily , or
b) any other evidence as to the identity &address of the customer subject to satisfaction of the branch.
Rs.50,000 (Rs. fifty thousand )at any point of time.The account will be treated a regular Savings account in case this balance is exceeded.
The aggregate credits in the account duringone year should not exceed Rs. 1,00,000 (Rs. one lac) and if this limit is exceeded, the account willbe treated as regular SB account.
The Account will be made available at all our branches.
Cash withdrawal facility
On a request in writing from the account holders of these accounts Bank mayprovide one cheque book( 20 leaves ) per annum free of charge with the condition that no further free cheque book will be issued to them and subsequent cheque books may be provided after recovering usual charges. However, cash withdrawals will be allowed upto a maximum of 5 withdrawals per month either through Withdrawal Slips or Cheque leaves.
At the time of opening the account customers will be issued a pass book. The pass book will have the Photograph of the account holder duly authenticated by the officer of the branch. In the case of illiterate customers, alongwith Photographs, his/ her Left/ right thumb impression will be obtained on the pass book as well as on the account opening form duly authorised by the concerned officer of the branch.
Collection of Cheques
a)Third Party Cheques: Third party cheques drawn in favour of customer upto a value of Rs.25000/- (Rs. twenty five thousand) per transaction will allowed.
b)Out station cheques: Normally collection of cheques will not be encouraged in this account. However, no charges will be levied for instruments upto Rs.2500/- drawn on our branches. In case of instruments drawn on other banks actual charges levied by other bank plus out of pocket expenses will be recovered.
Account closure charges
Issue of Pay order/ DD/ Banker's cheques
50%of charges as applicable in the case of normal SB account.
Cheque return charges
In case of cheques deposited by customer in his account being returned unpaid, charges as applicable in the case of normal SB account will be recovered.
Nomination facility will be available as in case of normal SB account.
If the conditions relating to Maximum Balance and total credits in RBSS Account opened by a customer are violated the account will cease to be a No-frill Account. Further operations will be permitted only upon implementation of full KYC norms except for withdrawals of the entire balance for closure of the accountthrough account Payees Pay order or Demand Draft.